Brexit Vote Hits Pound and Markets, Political Crisis Deepens

Reuters, 27/06 14:46 CET

By William James and Jamie McGeever

LONDON (Reuters) – Britain’s vote to leave the European Union sent new shockwaves through financial markets on Monday, despite efforts by the country’s leaders to end the deep political and economic uncertainty unleashed by the decision.

Chancellor of the Exchequer George Osborne said the British economy was strong enough to cope with the volatility caused by Thursday’s referendum, the biggest blow since World War Two to the European goal of forging greater unity.

But the pound later sank to its lowest level against the U.S. for 31 years and British shares continued the fall that began last week when Britons confounded expectations by voting to end 43 years of EU membership.

Chinese Premier Li Keqiang said uncertainties over the global economy had heightened and called for a “united, stable EU, and a stable, prosperous Britain”.

But with the ruling Conservatives looking for a new leader after Prime Minister David Cameron’s resignation on Friday and lawmakers from the opposition Labour party stepping up a rebellion against their leader, Britain sank deeper into political and economic turmoil. 

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Source: euronews.